Cumberland Farms is expanding its store footprint by acquiring a rival, the Pennsylvania-based Coen Markets.
The convenience-store chain has agreed to acquire Pennsylvania-based Coen Markets, which operates 54 stores spanning Western Pennsylvania, Eastern Ohio and Northern West Virginia. The deal also includes three sites currently under development.
The transaction, which is expected to close this year pending regulatory approvals, reflects Cumberland Farms’ ongoing strategy to accelerate its growth through targeted, value-driven and complementary investments, the company said in a press release.
“This acquisition is a clear expression of our commitment to disciplined growth in the US – our largest market by both sites and revenue,” said Russ Colaco, CEO of Cumberland Farms. “Charlie and Andy McIlvaine have built an exceptional business defined by well invested sites and an exceptional customer experience anchored by their foodservice offering. We are excited to welcome the Coen Markets team to Cumberland Farms and to continue building up on the legacy of success.”
In a statement, Andy McIlvaine, President of Coen Markets, said the chain has expanded successfully with its distinctive food offer, value-creating Club Coen loyalty program, and store level execution.
“We believe Coen’s business model and offer can expand further and we want to ensure future growth with a partner that can take the business to yet another high level.”
